The Psychology of Building Wealth

The Psychology of Building Wealth

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When it comes to the psychology of wealth, it’s key to focus on behaviors and not numbers.

There are a few topics that just feel….”yucky” to talk about sometimes, and money is one of them. 

Think about it, we don’t talk about how much money we make, nor do we ask other people how much money they make. We have a tough time asking for what we’re worth, or even knowing what we’re worth in the first place. 

Tips for building wealth include setting financial goals, and carefully scrutinizing financial decisions based on ending net worth. The reality is that our relationship with money and personal finance generally is much more about mindset and changing our psychology of money in the short term to realize long-term success.

We’ve all heard dozens of sayings that portray people who are trying to build wealth as greedy people. Rich people are taboo.

No wonder why this topic is so off-limits! 

Not today! Today, we’re speaking with Shannon Foreman, founder of Forethought Planning. Shannon founded Forethought Planning with the dream to radically change how people consume their financial education and feel financially empowered! Shannon strongly believes that money is personal and the physical, mental, relational and financial aspects of your life need to work in harmony. 

In her personal time, Shannon enjoys fitness and personal development— self-care is a huge topic of conversation throughout the client experience at Forethought and Shannon wants to lead by example.  

In this episode, we dig into some of the core psychological principles that impact us when we make decisions about our financial future. Things like: 

  • The beliefs we have about money and where they came from 
  • Our self-identity and what that means for the goals we’re likely to set and achieve 
  • How fear and too much of a security net can actually make you less financially secure 
  • The importance of having a meaningful ‘why’ that drives your whole financial plan. 
  • How a true financial plan needs to encapsulate your physical, mental, and relational aspects of life as well. 

I hope you take away a new sense of empowerment from this episode! 

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